Public Trustee Foreclosure Checklist

PUBLIC TRUSTEE FORECLOSURE CHECKLIST Effective 8/1/10

1. Initial Foreclosure Filing and Recording of NED a. Proof the documents for accuracy and completeness (Receipt for Foreclosure Documents) b. Accept the file and assign a Sale Number (acceptance establishes Starting Date for deferment date calculation, if applicable) c. Email notification of acceptance and Sale Number to Attorney d. Record the NED within 10 business days of filing

2. Set dates and prepare documents a. Determine Sale Status i. Determine if the sale is to be expedited 1. Proper notification for an Expedited Sale must be filed with initial documents 2. Switch to the Expedited Checklist, if applicable ii. Determine Deferment Status 1. Notice of Deferment Eligibility must be filed with initial documents 2. Refer to Deferment Checklist for deferment details, if applicable iii. Determine if the property is agricultural or non-agricultural 1. If not evident that it is agricultural from the legal description, wait 10 – 20 calendar days before setting the sale date unless acceptable evidence that the property is not agricultural is provided earlier b. Set the Sale Date i. Non-agricultural sale date 110 - 125 calendar days after recording the NED ii. Agricultural sale date 215 - 230 calendar days after recording the NED c. Mail the first combined notice within 20 calendar days of recording the NED d. If sale is eligible for deferment, refer to Deferment Checklist for additional procedures

3. Notices of intent to cure must be received at least 15 calendar days prior to the date of sale. a. Promptly, but no less than 12 calendar days prior to the date of sale, request a cure statement b. The statement must state the period for which it is effective, which shall be at least 10 calendar days but not more than 30 calendar days after the date of the statement, or until the last day to cure i. If statement is late, sale date is continued week to week until statement is received c. Cure must be paid by noon the day before the sale d. All cure deadlines apply to foreclosures in deferral i. Continuances for late cure statements run concurrently with deferral continuances

4. Second Mailing of Combined Notice a. Mail the second combined notice 45 - 60 calendar days prior to the first scheduled sale date i. Use the last amended mailing list, if received – otherwise use the initial mailing list ii. Do not mail prior to Deferment Certification deadline iii. If foreclosure is in deferral, do not do 2nd mailing – refer to the Deferment Checklist

5. Publication of the Combined Notice for Publication a. Publish 45 - 60 calendar days prior to the first scheduled sale date i. Do not publish if the foreclosure is in deferment – refer to the Deferment Checklist

PUBLIC TRUSTEE FORECLOSURE CHECKLIST

6. Pre sale documents a. Order Authorizing Sale must be received by noon 2 business days prior to the date of sale i. Date the hearing was scheduled or completed must be at least 16 calendar days prior to sale b. Itemized bid must be received by noon 2 business days prior to the date of sale i. Must be signed by Holder and notarized or signed by attorney c. If either document is not timely filed, continue the sale for one week

7. Conduct the sale a. Read, post, or provide the sale and bid information b. Payments of bid amounts must be received no later than the date and time of the sale unless an alternative time on the date of sale is specified in writing by the Public Trustee c. Enter the sale data in the Public Trustee’s records i. Records may be maintained electronically d. Prepare the certificate of purchase i. Record within 5 business days of the sale ii. Retain recorded certificate

8. Redemption a. Notices of intent to redeem must be received within 8 business days after the sale b. Request a redemption statement within 1 business day of receiving the notice c. The signed redemption statement must be submitted no later than 13 business days following the sale d. Set the redemption dates on the 9 th business day following the sale. e. Send the redemption statement no later than the commencement of the redemption period i. The first redemption period begins 15 business days following the sale ii. Each redemption period consists of 5 business days. f. Redemptions must be paid by noon the last day of each redemption period i. Record a certificate of redemption no sooner than 15 business days following the sale but no later than 5 business days following receipt of the redemption amount. ii. Disburse any redemption proceeds upon the expiration of each redemption period.

9. Confirmation Deed a. Issue and record deed no less than 9 business days after the sale or the expiration of all redemption periods, whichever is later, and upon receipt of the proper fees and costs.

PUBLIC TRUSTEE DEFERMENT CHECKLIST

1. If the Holder decides later that the property is eligible for deferment: a. Receipt of request from Holder to re-record NED (if the notice was not filed with the Initial Foreclosure Filing) i. Re-record NED (re-establishes Starting Date for deferment date calculation) ii. Receive an additional $75.00 fee for this process iii. Set new sale date, if applicable iv. Re-mail first combined notice (with new sale date) if already mailed 2. The notice of deferment eligibility may be withdrawn by the Holder or their attorney a. Must file an affidavit with the Public Trustee stating that the notice was filed in error and that the property has not been posted b. Affidavit must be filed no later than 15 calendar days after the acceptance date 3. Affidavit of Posting for deferment must be received no later than 20 calendar days after the acceptance date a. Must contain at least the Sale Number, borrower’s name(s), address where posted, and date of posting i. Date of posting cannot be prior to acceptance of the foreclosure – if so, they must re- post the property b. If signed by a nonqualified Holder or attorney for nonqualified Holder, signature must be notarized c. If not received within the 20 day period: i. Continue the sale one week ii. Notify the attorney one time only in writing that Affidavit was late and that the publications will not start until Affidavit is filed iii. Suspend start of publications, if necessary, and do not continue with second mailing of combined notice iv. Continue the sale week to week until the Affidavit is filed 1. When Affidavit is filed, reset publication dates, if needed 4. Foreclosure Counselor certification that borrower is qualified for a deferral must be received no later than 30 calendar days after an eligible borrower’s initial contact with the Foreclosure Counselor a. Until the certification is received, the foreclosure continues as usual b. Upon receipt, cancel or do not begin publications and continue the sale date week to week for up to 90 calendar days or first available sale date after 90 days or until early termination c. The certification may not be filed late – if so, there cannot be a deferment 5. Termination of Deferment a. Reasons for termination i. 90 calendar days have passed ii. Foreclosure Counselor provides Certificate of Early Termination b. Set new sale date for next scheduled sale date following termination c. Collect a $75 fee d. Create a new Combined Notice with new sale date (last continuance) e. Set new publication dates and publish within times as usual (60-45 days before sale) f. Do second mailing of new Combined Notice (Notice of Deferred Sale…)

PUBLIC TRUSTEE EXPEDITED FORECLOSURE CHECKLIST Effective 8/1/10

1. Set the sale date a. Non-agricultural and agricultural sales are the same b. Sale date is 45 - 65 calendar days after recording the NED

2. Publication of the combined notice a. Publish only four times b. Last publication must be at least 5 calendar days prior to the first scheduled sale date

3. Mail the Combined Notice a. Holder or Attorney must file an Expedited mailing list within 15 calendar days of recording the NED b. Mail the Combined Notice within 25 calendar days of recording the NED i. There is no second mailing required

4. Notices of intent to cure must be received at least 15 calendar days prior to the date of sale. a. Promptly, but no less than 12 calendar days prior to the date of sale, request a cure statement b. The statement must state the period for which it is effective, which shall be at least 10 calendar days but not more than 30 calendar days after the date of the statement, or until the last day to cure i. If statement is late, sale date is continued week to week until statement is received, up to four weeks maximum c. Cure must be paid by noon the day before the sale

5. Pre sale documents a. Order Authorizing Sale and/or the Order For Expedited Sale must be received within 30 calendar days of recording the NED i. Date the hearing was scheduled or completed must be at least 16 calendar days prior to sale b. Itemized bid must be received by noon 2 business days prior to the date of sale i. Must be signed by Holder and notarized or signed by attorney c. If either document is not timely filed, continue the sale for one week, up to four weeks maximum i. Expedited sales may only be continued a maximum of four weeks

6. Conduct the sale a. Read, post, or provide the sale and bid information b. Payments of bid amounts must be received no later than the date and time of the sale unless an alternative time on the date of sale is specified in writing by the Public Trustee c. Enter the sale data in the Public Trustee’s records i. Records may be maintained electronically d. Prepare the certificate of purchase i. Record within 5 business days of the sale ii. Retain recorded certificate

PUBLIC TRUSTEE EXPEDITED FORECLOSURE CHECKLIST

7. Redemption a. Notices of intent to redeem must be received within 8 business days after the sale b. Request a redemption statement within 1 business day of receiving the notice c. The signed redemption statement must be submitted no later than 13 business days following the sale d. Set the redemption dates on the 9 th business day following the sale. e. Send the redemption statement no later than the commencement of the redemption period i. The first redemption period begins 15 business days following the sale ii. Each redemption period consists of 5 business days. f. Redemptions must be paid by noon the last day of each redemption period i. Record a certificate of redemption no sooner than 15 business days following the sale but no later than 5 business days following receipt of the redemption amount. ii. Disburse any redemption proceeds upon the expiration of each redemption period.

8. Confirmation Deed a. Issue and record deed no less than 9 business days after the sale or the expiration of all redemption periods, whichever is later, and upon receipt of the proper fees and costs.

Receipt for Foreclosure Documents

 Notice of Election and Demand (NED) - signed and acknowledged by the Holder of the evidence of debt or signed by the attorney for the Holder

 Evidence of Debt (EOD) - including any modifications to the original EOD, together with the original indorsement or assignment, if any, to the holder of the EOD or other proper indorsement or assignment in accordance with 38-38- 101(6) o Original EOD (NOTE); or o Corporate Surety Bond/Lost Instrument Bond (LIB) - 1½ times the face amount of the EOD; or o Copy of the EOD (CERTNOTE) - COQ required; or o Certified Copy of a Monetary Judgment entered by a court of competent jurisdiction

 Deed of Trust (DOT) - securing the Evidence of Debt and any recorded modifications of the DOT or any recorded partial releases of the DOT o Original recorded DOT (DOT); or o Certified copy of the recorded DOT (CDOT) - certified by the County Clerk and Recorder; or o Copy of the recorded DOT (CDOT) - COQ required

 Certificate of Qualified Holder (COQ)- signed and properly acknowledged by a holder of an EOD acting for itself or as agent, nominee, or trustee under subsection 38-38-101(2) or a statement signed by the attorney for such holder (only required if copies of the EOD and/or the DOT are submitted)  Combined Notice (CN)- may be omitted from submission with prior PT approval

 Recorded Scriveners Error Affidavit (SCV) - affecting the DOT which shall be accepted as modifying the DOT (only if filed with the initial foreclosure documents)

 Mailing List (ML) - containing the names and addresses of the persons to be notified in first mailing (Expedited Mailing List – ML need not be filed with initial documents but must be filed not later than 15 calendar after the NED recording)

 Deposit - up to $650.00 or the amount of the foreclosure fee, whichever is greater

 Notice of Deferment Eligibility, if applicable (PED) - a separate document notifying the Public Trustee that the property referred to in the NED is property that requires posting under section 38-38-802.

 Statement of Current Owner Name and Address (COS) – executed by the Holder or their attorney

 Notification of Expedited Sale – one of the following must be filed with the initial documents o Copy of the Order for Expedited Sale (OASEXP); or o Separate document (NES) - notifying the PT of the election for an expedited sale